Interest on savings for children

There’s usually no tax to pay on children’s accounts.

Tell HMRC if, in the tax year, the child gets more than £100 in interest from money given by a parent. The parent will have to pay tax on all the interest if it’s above their own Personal Savings Allowance.

You must also tell HMRC if a child has an income over their Personal Allowance, eg from a trust. The child will have to pay the tax on this.

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